Goods exports from the country continued to move on the high growth track rising 46.4% in June to $ 29.21 billion

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Goods exports from the country continued to move on the high growth track rising 46.4% in June to $ 29.21 billion. While first quarter export growth is an impressive 45.7% at $ 79 billion, on-going uncertainty in the US and EU markets make future projections difficult, say officials. 

Imports too posted a sharp growth of 36.2% to $110.6 billion in the first quarter throwing up a disconnect with low industrial production figures. In the month of June 2011imports grew 42.4% to $36.9 billion. 

"I am not going to make any projections for either exports or imports for the entire fiscal," commerce secretary Rahul Khullar said, adding that things were fluid in the global market be it the US, EU, China or Japan. 

News from the US is less than cheerful as the wrangling on debt is still on and till that is sorted out one cannot expect a stimulus injection for revival, Khullar said. 

There is a risk of the Greece and Portugual contagion spreading to rest of Europe while Japan is still engaged in rebuilding and China is preparing for a decelaration in growth. 

Increase in exports has been across sectors with engineering, petroleum products, gems & jewellery, coal and minerals, ready made garments and electronics taking the lead. 

Imports, both oil and non-oil, grew sharply in the first quarter of the fiscal indicating robust industrial activity which clashed with low industrial production figures. 
Oil imports increased by 18% to $ 30.5 billion, while machinery imports increased 49% to $ 9 billion, electronics increased 71% to $7.6 billion, transport equipment increased 34% to $ 2.5 billion and gold & silver increased 200% to $ 17.7 billion.

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